New Delhi: Power minister Piyush Goyal on Wednesday urged the developed world to sharply cut consumption of fossil fuels to bring about a meaningful reduction in global greenhouse gas emissions.

“Climate justice demands that the developed world reassess its lifestyle and consumption of electricity and petroleum products", a power ministry statement cited Goyal as saying in an address to the Institute of Energy Economics, Japan in Tokyo on Wednesday.

The US and Europe, which jointly account for just 10-12% of the world’s population, contribute 50% of greenhouse gas emissions; India contributes only 2.5% with 17% of the global population, the statement said.

The minister demanded that developed countries support developing and emerging economies with green technology and low-cost finance to keep energy costs affordable. Goyal is in Japan to attend the eighth India-Japan Energy Dialogue.

At the Paris climate conference in December, 195 countries adopted the first universal, legally binding global climate agreement to limit the increase in global average temperatures to well below 2°C above pre-industrial levels.

India has committed to reducing carbon emissions by 35% by 2030. The agreement will come into force in 2020.

The minister also invited Japanese companies to invest in India and contribute to India’s efforts to energy conservation.

“Energy cooperation with Japan will be a defining feature of our relationship," the statement quoted Goyal as saying.